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EUR/USD: Trend-Line Break Higher Sets Up Possible Reversal

ByForex4you
Published 02/04/2015, 05:30 AM
Updated 07/07/2019, 08:10 AM


The EUR/USD pair broke out higher on Tuesday, after completing a triangle pattern.
It has rallied up to highs of 1.1515 before moving back down again.


The monthly pivot situated at 1.1480 and is currently preventing further upside.


There is a possibility the pair has formed an a-b-c correction, with the triangle as B and the current up-move wave C. If so then the pair could rotate at its current level and resume its down-trend.
Such a move could be prompted by Non-Farm Payrolls, scheduled for release on Friday.


The other alternative is that the pair has reversed its trend and is moving higher. If the pair now starts going up again and re-breaks above the 1.1533 highs then that would establish a new v.short-term trend higher. Such a move could expect to reach the next target at support and resistance at 1.1625.


As far as downside goes – a break below 1.1400 at the 50% fib of wave 'C' – including 20 points, so 1.1380 – might provide sufficient confirmation of a resumption down, with support at 1.1330 from old pattern lines providing the target.
EURUSD04

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